Labor market ‘vibrant’: Palace

MANILA -- Malacañang described the Philippine labor market under the Duterte administration as “vibrant” after a report from the Philippine Statistics Authority (PSA) showed that more Filipinos were employed in October this year.

The result of the PSA’s latest Labor Force Survey (LFS) found that the employment rate was estimated at 95.5 percent in October, higher than 94.9 percent in the same month last year while the unemployment rate declined to a 14-year low at 4.5 percent from the 5.1 percent recorded in October 2018.

Underemployment, or having part-time jobs, dropped to 13 percent from 13.3 percent in 2018.

PSA said unemployment and underemployment rates in October were the lowest since 2005, the year that the employment metrics were adopted.

“The Philippine labor market under the administration of President Rodrigo Roa Duterte has become vibrant with an estimated 95.5 percent employment rate,” Panelo said in a statement on Thursday.

Citing the Department of Labor and Employment (DOLE), Panelo attributed the positive development to vibrant wholesale and retail trade, transportation and storage, construction, education, accommodation and food service activities, and public administration and defense, and agriculture, particularly fishing and aquaculture.

Panelo noted that economic growth has become “robust, sustainable, and

inclusive” due to Duterte’s independent foreign policy direction which allowed more foreign direct investments and ultimately provided Filipinos with more jobs.

He also assured that the government would provide better knowledge and skills training to the public as part of efforts to strengthen the labor market.

“As our domestic economy continues its upward trajectory, the Filipino people are assured that the Duterte administration will continue to strengthen the labor market with better knowledge and skills training to our people to equip them with tools for various kind of jobs that are in demand at present and in the near future,” Panelo said.

Meanwhile, Panelo also welcomed how committed investments registered with the Board of Investments (BOI) breached its PHP1-trillion 2019 investment target as of October.

Trade Secretary and BOI Chair Ramon Lopez said the biggest investment approved by BOI in October was that of the Dito Telecommunity Corp., formerly Mislatel Consortium, the country’s third major telecommunications service provider.

Aside from telecommunications, investments in energy and manufacturing added to the increase in investments to some PHP1.1 trillion. (PNA)